Research Library
Below is our research library, listed in reverse chronological order. Please use the search box to look for research on a specific company or topic, or use the Calendar, Archives, or Sector links at left to browse for research from a specific time period or sector. If you are a Wolfe Trahan client and can not access any of the links in our library, please contact ITSupport@WolfeResearch.com to request our PDF decryption plug-in.
Capital Allocation: Buyback and Dividend Analysis
This report is our quarterly analysis of corporate share repurchase and dividend activity. Historically, we’ve found alpha in the stocks of companies returning significant amounts of capital to shareholders and, therefore, this is an area we closely follow.
AAWW: Takeaways from Upbeat Analyst Day
AAWW’s Analyst Day in NY was well-attended and generally upbeat. Despite global macro uncertainty, mgmt expects a re-acceleration in airfreight demand in 2H:12 and AAWW affirmed its C12 EPS guidance of $5.10+ vs. prior Cons. of $5.22 and $0.51 in 1Q. AAWW also confirmed its prior target of 200K total block hours in C14, implying 15% avg. growth the next 3 years. Airfreight capacity continues to outpace demand, and it seems like a challenging time to place long-term ACMI contracts. Thus, we believe AAWW has high placement risk over the next year, even into bottoming airfreight demand. Yesterday’s -400F placement is positive and reduces some risk for AAWW, but we remain concerned with the lack of new customer demand to date for the -8F.
Research Library
- Coverage List
- Consolidated Research Library
- Airfreight & Surface Transportation Library
- Portfolio Strategy Library
- Quantitative Analysis Library
- Accounting & Tax Policy Library
- Auto & Truck Manufacturing Library
- Airlines Library
- Conference Calls
- Interactive Doh! Models
- Ed Wolfe Bi-Weekly Freight Update